( dpa ) - US stocks fell more than 2.5 per cent across the board on Friday, punctuating the fourth straight monthly drop on Wall Street, on new evidence of slumping business confidence.
The National Association of Purchasing Management-Chicago reported that its business barometer had contracted, reflecting dropping production and employment.
In company news, American International Group Inc (AIG) posted the widest quarterly deficit in its 89-year history, while Sprint Nextel Corp shares slumped to a six-year low on concern more low-income customers will defect for nonpayment.
The blue-chip Dow Jones Industrial Average was off 315.79 points, or 2.51 per cent, to 12,266.39. The broader Standard & Poor's 500 Index shed 37.05 points, or 2.71 per cent, to 1,330.63. The technology-heavy Nasdaq Composite Index fell 60.09 points, or 2.58 per cent, to 2,271.48.
The US currency climbed against the euro to 65.88 euro cents from 65.697 euro cents on Thursday. The dollar fell against the Japanese currency to 103.75 yen from 105.3 yen on Thursday.